Payment of Contract Benefits. GENERAL Benefits payable under this Contract may be applied in accordance with one or more of the Annuity Options described below, subject to any restrictions of Internal Revenue Code section 72(s). Once annuity payments commence, the Annuity Option may not be changed. The "Life 10-year certain" Annuity Option described under part b) of Options 1 and 2 below will be the default Annuity Option, unless you request another, any time on or before the Maturity Date. ALTERNATE ANNUITY OPTIONS Instead of settlement in accordance with the Annuity Options described below, you may choose an alternate form of settlement acceptable to us. Once annuity payments commence, the form of settlement may not be changed.
Appears in 2 contracts
Samples: John Hancock Life Insurance Co of New York Separate Account A, John Hancock Life Insurance Co of New York Separate Account A
Payment of Contract Benefits. GENERAL Benefits payable under this Contract may be applied in accordance with one or more of the Annuity Options described below, subject to any restrictions of Internal Revenue Code section 72(s). Once annuity payments commence, the Annuity Option may not be changed. The "Life 10-year certain" Annuity Option described under part b) of Options 1 and 2 below will be the default Annuity Option, unless you request another, any time on or before the Maturity Date. ALTERNATE ANNUITY OPTIONS Instead of settlement in accordance with the Annuity Options described below, you may choose an alternate form of settlement acceptable to us. Once annuity payments commence, the form of settlement may not be changed.. DESCRIPTION OF ANNUITY Option 1: Life Annuity OPTIONS
Appears in 1 contract
Samples: John Hancock Life Insurance Co of New York Separate Account A
Payment of Contract Benefits. GENERAL Benefits payable under this Contract may be applied in accordance with one or more of the Annuity Options described below, subject to any restrictions of Internal Revenue Code section 72(s). Once annuity payments commence, the Annuity Option may not be changed. The "Life 10-year certain" Annuity Option described under part b) of Options 1 and 2 below will be the default Annuity Option, unless you request another, any time on or before the Maturity Date. ALTERNATE ANNUITY OPTIONS Instead of settlement in accordance with the Annuity Options described below, you may choose an alternate form of settlement acceptable to us. Once annuity payments commence, the form of settlement may not be changed.. DESCRIPTION OF ANNUITY OPTIONS Option 1: Life Annuity
Appears in 1 contract
Samples: Hancock Life Insurance (John Hancock Life Insurance Co of New York Separate Account A)
